Revolutionizing Financial Operations for an Insurance Industry Leader
PROJECT INFORMATION
The client, a prominent insurance provider, focuses on delivering accessible, straightforward insurance solutions to help individuals confidently plan for retirement. With a commitment to transparency and simplicity, the company supports financial professionals with streamlined tools and products that prioritize customer value.
CHALLENGES
The client’s legacy financial systems and processes presented significant challenges:
- Complex Allocations: Multi-step, multi-driver-based allocations were cumbersome and time-intensive.
- Limited Integration: Disjointed systems created inefficiencies in managing dimensional hierarchies and posting allocations.
- Outdated Technology: Depended on an aging Essbase application that lacked modern planning and budgeting capabilities.
RESULTS & IMPACT
Drivestream implemented Oracle ERP and Planning to modernize the client’s financial processes, enabling efficient planning, budgeting, and expense allocation.
Solution Highlights:
- Legacy Replacement: Replaced Essbase with Oracle EPM, providing advanced planning and budgeting capabilities.
- Integrated Processes: Developed seamless integrations between Oracle Fusion Financials and Planning for managing metadata and dimensional hierarchies.
- Custom Reporting: Created over 60 tailored reports, including audit validation, people management, and financial statements, using Financial Reporting Studio and SmartView.
- Enhanced Allocation Workflow: Designed processes to integrate actual allocations back into Oracle Fusion, streamlining journal entry postings and improving accuracy.
Drivestream’s implementation empowered the insurance provider with modern financial tools, enabling more efficient planning, budgeting, and allocation processes. By replacing outdated systems and introducing custom reporting, the company achieved greater transparency, accuracy, and control over its financial operations.
LOOKING FORWARD
Oracle Cloud solutions provide the client with a scalable, integrated financial platform to support future growth, enabling streamlined operations and enhanced decision-making.
Ready to transform your financial processes? Contact Drivestream to explore how Oracle Cloud solutions can optimize your organization.